Transaction Tools

ALTA Best Practices Information Center

In the wake of the mortgage meltdown of 2008, the federal government, lending industry, and title industry have explored ways to make the mortgage lending and closing processes more secure. Initiatives from government agencies make lenders financially responsible for the activities of many third-party vendors providing services in connection with consumer credit transactions—including title insurers.

In an effort to help the lending community reduce its liability, the American Land Title Association (ALTA) authored new quality control standards designed to improve service, reduce risk, and ensure the highest level of regulatory compliance. Those standards resulted in a seven-point program entitled, ALTA Best Practices Framework: Title Insurance and Settlement Company Best Practices. Published in January 2013 and updated in July 2013, Best Practices is designed to improve the overall quality and safety of the escrow and title services provided by title insurers and agents. In addition to the Best Practices document itself (which contains the Mission Statement and Definition of Terms), ALTA’s Title Insurance and Settlement Company Best Practices web page contains valuable information and FAQs.

Implementing Best Practices continues to be our highest priority. Please continue to watch your email and check this page for information.